07:21:41 EDT Fri 17 May 2024
Enter Symbol
or Name
USA
CA



Rogers Communications Inc
Symbol RCI
Shares Issued 420,112,558
Close 2024-04-24 C$ 52.30
Market Cap C$ 21,971,886,783
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Globe says Edward Rogers sued over failed condo project

2024-04-25 07:36 ET - In the News

The Globe and Mail reports in its Thursday edition that real estate developer Sam Mizrahi has filed a lawsuit against Edward Rogers and Constantine Enterprises, the real estate fund Mr. Rogers owns, escalating a battle between the businessmen amid an alleged $30-million loss on their Toronto condo project. The Globe's Tim Kiladze writes that in a lawsuit filed in Ontario Superior Court, Mr. Mizrahi alleges Mr. Rogers and his business partner Robert Hiscox, who co-own Constantine, blocked multiple attempts made by Mr. Mizrahi to salvage more value from the two real estate ventures they were jointly developing. After Mr. Mizrahi's efforts were denied, Constantine requested court-appointed receivers for both projects. Mr. Mizrahi is suing Mr. Rogers, Mr. Hiscox and Constantine for breach of contract, negligence and breach of fiduciary duty, and is seeking $100-million in damages. Mr. Mizrahi alleges his 20-unit luxury condo project developed with Constantine, known as 128 Hazelton, has incurred losses totalling more than $30-million, and that Constantine wants him to share 50 per cent of this loss. Because Mr. Mizrahi has refused, he alleges Constantine blocked his attempts to sell undeveloped land at a separate project.

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